bcu personal loans

bcu

bcu's overall rating for personal loans

(as rated by the Mozo community)

9.3 / 10

based on 86 reviews

bcu is a growing credit union that has been providing financial services to everyday Australians since 1970. If you’re seeking out a personal loan from an alternative provider to the big banks, you might be happy to hear bcu’s personal loans detailed below offer competitive variable rates and keep fees to a minimum.

bcu offers the following personal loans

Rates and fees verified as correct at 19 November, 2018. Other information correct at the time of writing.

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.

† Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

What personal loans do bcu offer?

Debt consolidation loan:

The unsecured bcu “Freedom Loan” (or debt consolidation loan) involves you paying off outstanding debts in the one place, on a lower interest rate than you would otherwise. You’ll need to have a debt balance of at least $4,000 up to $75,000, and repay your loan over a one to five year term. The interest rate is variable, meaning bcu can adjust it during the contract. Taking out a Freedom Loan doesn’t require you secure it with an asset, which involves less paperwork for you and a slightly higher rate. While there is one signup cost and monthly fees, you can make extra repayments and bring your balance down to zero before the term ends fee-free. bcu has a no-minimum redraw facility, but you need to pay a fee each time you use it to dip into those extra loan repayments.

Unsecured personal loan:

Called “Multipurpose” for a reason, bcu’s unsecured personal loan has all the same features as its debt consolidation version detailed above except for a slightly lower variable interest rate. While you can’t use it to repay debts, this product can help you finance just about anything else!

New or used car loan:

With low competitive variable rates, bcu new and used car loans can finance cars priced up to $75,000. New car loans start from $20k and are secured to the loan for a rate lower than the used car type (which is unsecured). You can pay off these bcu loans on terms from two to seven years. If you want to be charged less in interest, bcu won’t penalise in fees for clearing your debt before the total amount is due. You can also redraw money from any extra loan repayments you’ve made for a small transaction fee. Other things to consider with bcu new and used car loans are its monthly fees and signup cost.

bcu personal loan features at a glance

Repayment flexibility: Take your pick between weekly, fortnightly or monthly repayments with all bcu personal loans.

Extra repayments: Make additional repayments as you like with bcu, as there are no break cost fees or penalty fees to consider.

Redraw facility: With bcu you’re free to draw on funds from past repayments via a redraw facility. Keep in mind you’ll need to pay a fee per transaction.

No break cost: If you want to clear your debts sooner rather than later, bcu personal loans won’t charge you extra for doing it.

Optional loan insurance: When you apply for a bcu personal or car loan, you have the option to pay a premium for “loan protection insurance”. For more information, refer to the T’s and C’s on bcu’s site.

bcu customer reviews:

For insight into bcu’s customer service, rates and product experiences on its personal loan, Click the link for reviews on bcu loan products.

How do you apply for a bcu personal loan?

To apply for a personal loan with bcu, all you need to do is head to a local branch or fill out your details in online form. Once that’s done, bcu could approve your loan within the hour.

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